Cushman & Wakefield Ltd (CWK) reported $10.3B in revenue for fiscal year 2025, up 8.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion rather than richer unit economics is driving a deleveraging recovery at Cushman & Wakefield.
From FY2023 to FY2025, operating cash flow rose from$152.2M to$340.4M while annual capex stayed near$50M . That let a modest operating rebound turn into balance-sheet repair, with debt-to-equity improving to 1.3x in FY2025 even though net margin was only0.9% .
Gross margin stayed flat at
Near-term liquidity looks functional rather than roomy, with a current ratio of 1.1x in FY2025. Separately, goodwill at
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cushman & Wakefield Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Cushman & Wakefield Ltd, and counted as zero in the overall score.
Cushman & Wakefield Ltd scores 1.76, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cushman & Wakefield Ltd passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Cushman & Wakefield Ltd generates $3.86 in operating cash flow ($340.4M OCF vs $88.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Cushman & Wakefield Ltd earns $2.09 in operating income for every $1 of interest expense ($452.5M vs $216.2M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Cushman & Wakefield Ltd generated $10.3B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.
Cushman & Wakefield Ltd's EBITDA was $556.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.7% from the prior year.
Cushman & Wakefield Ltd reported $88.2M in net income in fiscal year 2025. This represents a decrease of 32.8% from the prior year.
Cushman & Wakefield Ltd earned $0.38 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 32.1% from the prior year.
Cash & Balance Sheet
Cushman & Wakefield Ltd generated $293.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 75.4% from the prior year.
Cushman & Wakefield Ltd held $784.2M in cash against $2.6B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Cushman & Wakefield Ltd's gross margin was 18.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. That is unchanged from the prior year.
Cushman & Wakefield Ltd's operating margin was 4.4% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.
Cushman & Wakefield Ltd's net profit margin was 0.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.5 percentage points from the prior year.
Cushman & Wakefield Ltd's ROE was 4.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.0 percentage points from the prior year.
Capital Allocation
Cushman & Wakefield Ltd invested $47.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.6% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
CWK Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.8B | $10.3B+8.9% | $9.4B-0.5% | $9.5B-6.1% | $10.1B+7.6% | $9.4B+19.7% | $7.8B-10.4% | $8.8B+6.5% | $8.2B+18.7% | $6.9B+11.4% | $6.2B |
| Cost of Revenue | $8.9B | $8.4B+8.9% | $7.7B-1.5% | $7.8B-3.8% | $8.2B+9.5% | $7.4B+15.4% | $6.5B-7.5% | $7.0B+5.1% | $6.6B+17.8% | $5.6B | N/A |
| Gross Profit | $2.0B | $1.9B+8.9% | $1.7B+4.5% | $1.7B-15.4% | $2.0B+0.6% | $1.9B+39.8% | $1.4B-21.5% | $1.8B+12.2% | $1.6B+22.8% | $1.3B | N/A |
| SG&A Expenses | $1.4B | $1.3B+7.6% | $1.2B-3.1% | $1.3B+0.1% | $1.3B+2.8% | $1.2B+9.4% | $1.1B-12.3% | $1.3B+0.3% | $1.3B+10.1% | $1.2B+0.5% | $1.2B |
| Operating Income | $477.3M | $452.5M+33.5% | $338.9M+64.8% | $205.6M-61.6% | $535.1M+7.7% | $497.0M+1036.0% | -$53.1M-128.4% | $187.3M+1386.5% | $12.6M+107.4% | -$171.1M+42.1% | -$295.4M |
| Interest Expense | $219.5M | $216.2M-6.0% | $229.9M-18.2% | $281.1M+45.6% | $193.1M+7.6% | $179.5M+9.6% | $163.8M+8.8% | $150.6M-34.2% | $228.8M+25.0% | $183.1M+6.6% | $171.8M |
| Income Tax | $31.6M | $26.0M-41.6% | $44.5M+724.1% | $5.4M-96.2% | $141.6M+57.5% | $89.9M+104.8% | $43.9M+3.1% | $42.6M+270.4% | -$25.0M+79.3% | -$120.5M-395.9% | -$24.3M |
| Net Income | $69.1M | $88.2M-32.8% | $131.3M+470.9% | -$35.4M-118.0% | $196.4M-21.4% | $250.0M+213.4% | -$220.5M-110350.0% | $200K+100.1% | -$185.8M+16.0% | -$221.3M+49.0% | -$434.2M |
| EPS (Diluted) | — | $0.38-32.1% | $0.56+450.0% | -$0.16-118.6% | $0.86-21.8% | $1.10+210.0% | -$1.00 | $0.00+100.0% | -$1.09+29.2% | -$1.54 | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CWK Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.7B+1.7% | $7.5B-2.9% | $7.8B-2.2% | $7.9B+0.7% | $7.9B+7.5% | $7.3B+2.4% | $7.2B+9.4% | $6.5B+13.0% | $5.8B | N/A |
| Current Assets | $2.8B+5.7% | $2.7B-4.0% | $2.8B+1.3% | $2.8B-2.2% | $2.8B-2.1% | $2.9B+1.0% | $2.9B+4.3% | $2.7B+43.6% | $1.9B | N/A |
| Cash & Equivalents | $784.2M-1.1% | $793.3M+3.3% | $767.7M+19.1% | $644.5M-16.4% | $770.7M-28.3% | $1.1B+32.2% | $813.2M-9.2% | $895.3M+120.7% | $405.6M+6.1% | $382.3M |
| Goodwill | $2.1B+3.0% | $2.0B-4.0% | $2.1B+0.7% | $2.1B-0.8% | $2.1B-0.8% | $2.1B+6.5% | $2.0B+10.7% | $1.8B+0.7% | $1.8B+9.7% | $1.6B |
| Total Liabilities | $5.7B-1.3% | $5.8B-5.0% | $6.1B-3.0% | $6.3B-2.4% | $6.4B+3.2% | $6.2B+6.5% | $5.9B+13.0% | $5.2B-2.0% | $5.3B | N/A |
| Current Liabilities | $2.6B+11.2% | $2.3B-2.8% | $2.4B+0.3% | $2.4B-1.8% | $2.4B+17.9% | $2.1B-11.1% | $2.3B+13.9% | $2.0B+3.7% | $2.0B | N/A |
| Long-Term Debt | $2.6B-10.7% | $2.9B-5.1% | $3.1B-3.6% | $3.2B-0.3% | $3.2B-0.5% | $3.2B+23.5% | $2.6B-0.9% | $2.6B-5.0% | $2.8B | N/A |
| Total Equity | $2.0B+11.4% | $1.8B+4.6% | $1.7B+1.0% | $1.7B+14.7% | $1.4B+32.3% | $1.1B-15.9% | $1.3B-4.3% | $1.4B+172.3% | $499.4M-14.7% | $585.5M |
| Retained Earnings | -$897.7M+8.9% | -$985.9M+11.8% | -$1.1B-3.3% | -$1.1B+15.4% | -$1.3B+16.4% | -$1.5B-17.8% | -$1.3B+0.1% | -$1.3B-13.1% | -$1.1B | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
CWK Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $303.3M | $340.4M+63.7% | $208.0M+36.7% | $152.2M+210.0% | $49.1M-91.1% | $549.5M+1538.5% | -$38.2M-114.2% | $269.3M+12340.9% | -$2.2M-150.0% | $4.4M+101.3% | -$335.1M |
| Capital Expenditures | $54.2M | $47.4M+15.6% | $41.0M-19.6% | $51.0M+0.6% | $50.7M-5.8% | $53.8M+31.2% | $41.0M-48.9% | $80.3M-4.6% | $84.2M-34.8% | $129.1M+67.0% | $77.3M |
| Free Cash Flow | $249.1M | $293.0M+75.4% | $167.0M+65.0% | $101.2M+6425.0% | -$1.6M-100.3% | $495.7M+725.9% | -$79.2M-141.9% | $189.0M+318.8% | -$86.4M+30.7% | -$124.7M+69.8% | -$412.4M |
| Investing Cash Flow | $6.0M | -$21.1M-126.0% | $81.2M+66.1% | $48.9M+140.5% | -$120.7M+83.9% | -$749.5M-190.7% | -$257.8M+6.2% | -$274.9M-26.1% | -$218.0M-52.2% | -$143.2M-4.0% | -$137.7M |
| Financing Cash Flow | -$417.1M | -$350.5M-38.3% | -$253.4M-109.8% | -$120.8M-52.3% | -$79.3M-20.5% | -$65.8M-111.5% | $571.9M+738.3% | -$89.6M-112.3% | $725.9M+332.9% | $167.7M-53.0% | $356.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CWK Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.3%0.0pp | 18.3%+0.9pp | 17.4%-1.9pp | 19.3%-1.3pp | 20.7%+3.0pp | 17.7%-2.5pp | 20.2%+1.0pp | 19.2%+0.6pp | 18.6% | N/A |
| Operating Margin | 4.4%+0.8pp | 3.6%+1.4pp | 2.2%-3.1pp | 5.3%0.0pp | 5.3%+6.0pp | -0.7%-2.8pp | 2.1%+2.0pp | 0.1%+2.6pp | -2.5%+2.3pp | -4.8% |
| Net Margin | 0.9%-0.5pp | 1.4%+1.8pp | -0.4%-2.3pp | 1.9%-0.7pp | 2.7%+5.5pp | -2.8%-2.8pp | 0.0%+2.3pp | -2.3%+0.9pp | -3.2%+3.8pp | -7.0% |
| Return on Equity | 4.5%-3.0pp | 7.5%+9.6pp | -2.1%-13.9pp | 11.8%-5.4pp | 17.3%+37.4pp | -20.1%-20.2pp | 0.0%+13.7pp | -13.7%+30.6pp | -44.3%+29.9pp | -74.2% |
| Return on Assets | 1.1%-0.6pp | 1.7%+2.2pp | -0.5%-2.9pp | 2.5%-0.7pp | 3.2%+6.2pp | -3.0%-3.0pp | 0.0%+2.8pp | -2.8%+1.0pp | -3.8% | N/A |
| Current Ratio | 1.10-0.1x | 1.150.0x | 1.170.0x | 1.160.0x | 1.16-0.2x | 1.40+0.2x | 1.23-0.1x | 1.35+0.4x | 0.97 | N/A |
| Debt-to-Equity | 1.34-0.3x | 1.68-0.2x | 1.85-0.1x | 1.93-0.3x | 2.22-0.7x | 2.96+0.9x | 2.01+0.1x | 1.94-3.6x | 5.57 | N/A |
| FCF Margin | 2.9%+1.1pp | 1.8%+0.7pp | 1.1%+1.1pp | 0.0%-5.3pp | 5.3%+6.3pp | -1.0%-3.2pp | 2.2%+3.2pp | -1.1%+0.7pp | -1.8%+4.8pp | -6.6% |
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Where Cushman & Wakefield Ltd Ranks
Frequently Asked Questions
What is Cushman & Wakefield Ltd's annual revenue?
Cushman & Wakefield Ltd (CWK) reported $10.3B in total revenue for fiscal year 2025. This represents a 8.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cushman & Wakefield Ltd's revenue growing?
Cushman & Wakefield Ltd (CWK) revenue grew by 8.9% year-over-year, from $9.4B to $10.3B in fiscal year 2025.
Is Cushman & Wakefield Ltd profitable?
Yes, Cushman & Wakefield Ltd (CWK) reported a net income of $88.2M in fiscal year 2025, with a net profit margin of 0.9%.
What is Cushman & Wakefield Ltd's EBITDA?
Cushman & Wakefield Ltd (CWK) had EBITDA of $556.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cushman & Wakefield Ltd have?
As of fiscal year 2025, Cushman & Wakefield Ltd (CWK) had $784.2M in cash and equivalents against $2.6B in long-term debt.
What is Cushman & Wakefield Ltd's gross margin?
Cushman & Wakefield Ltd (CWK) had a gross margin of 18.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cushman & Wakefield Ltd's operating margin?
Cushman & Wakefield Ltd (CWK) had an operating margin of 4.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cushman & Wakefield Ltd's net profit margin?
Cushman & Wakefield Ltd (CWK) had a net profit margin of 0.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cushman & Wakefield Ltd's return on equity (ROE)?
Cushman & Wakefield Ltd (CWK) has a return on equity of 4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cushman & Wakefield Ltd's free cash flow?
Cushman & Wakefield Ltd (CWK) generated $293.0M in free cash flow during fiscal year 2025. This represents a 75.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cushman & Wakefield Ltd's operating cash flow?
Cushman & Wakefield Ltd (CWK) generated $340.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cushman & Wakefield Ltd's total assets?
Cushman & Wakefield Ltd (CWK) had $7.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cushman & Wakefield Ltd's capital expenditures?
Cushman & Wakefield Ltd (CWK) invested $47.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cushman & Wakefield Ltd's current ratio?
Cushman & Wakefield Ltd (CWK) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is Cushman & Wakefield Ltd's debt-to-equity ratio?
Cushman & Wakefield Ltd (CWK) had a debt-to-equity ratio of 1.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cushman & Wakefield Ltd's return on assets (ROA)?
Cushman & Wakefield Ltd (CWK) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cushman & Wakefield Ltd's Altman Z-Score?
Cushman & Wakefield Ltd (CWK) has an Altman Z-Score of 1.76, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cushman & Wakefield Ltd's Piotroski F-Score?
Cushman & Wakefield Ltd (CWK) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cushman & Wakefield Ltd's earnings high quality?
Cushman & Wakefield Ltd (CWK) has an earnings quality ratio of 3.86x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cushman & Wakefield Ltd cover its interest payments?
Cushman & Wakefield Ltd (CWK) has an interest coverage ratio of 2.09x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cushman & Wakefield Ltd?
Cushman & Wakefield Ltd (CWK) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.